Nigeria in 1min: Economic, Business and Financial Headlines – 050719

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Friday, July 05, 2019 / 06:45 AM / By News Aggregator / Header Image Credit: @SECNigeria

 

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PROSHARE ECONOMY

Nigeria’s Current account Into Deficit in Q1 2019 - In Q1 2019 Nigeria’s current account swung into a deficit of US$1.1bn, equivalent to -1.1% of GDP, compared with the previous quarter’s surplus of US$1.1bn (1.0%). The deterioration stemmed from a fall of US$2.8bn in crude oil and gas exports, which was partly offset by the highest non-oil exports since Q2 2014 (US$2.3bn). At the same time, non-oil imports increased by US$4.6bn. Source FBNQuest Research Read More

NIPOST Generates N7.05bn As Revenue in 2018 - NBS - The Nigerian Postal Service earned a total sum of N7.05bn as revenue in 2018. EMS/Speedpost generated the highest amount of revenue of N1.84bn representing about 26.16% of the total revenue generated in the year. Source NBS Read More

Crude Oil Prices Fall 1% On Fears For Global Economy - Crude oil prices fell on Friday as concerns over the outlook for global economic growth outweighed elevated tensions in the Middle East that could disrupt supply routes and send prices higher. Source Reuters Read More

Minimum Wage: No Strike Threat, Negotiation Ongoing, Says NLC - The Nigeria Labour Congress (NLC) has denied recent media reports that it threated to embark on strike over the delayed implementation of the new minimum wage. Speaking in a telephone chat with THISDAY, the National President, NLC, Mr Ayuba Wabba, vehemently discarded reports of an agreed strike action. Source Thisday Read More

 

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PROSHARE REGULATORS

CBN’s New Minimum LDR Requirement May Worsen NPLs - In a letter to all banks dated July 3, 2019, the CBN in its bid to improve lending to the real sector of the Nigerian economy, mandated all DMBs to maintain a Loan to Deposit Ratio (LDR) of 60% by September 30, 2019. Source Proshare  Read More

New SEC Board Moves to Reinforce Public Trust in Capital Market - The newly-inaugurated board of the Securities and Exchange Commission (SEC), thursday expressed its desire to build a capital market where the rules are enforced, and where the investing public is protected, explaining that reinforcing public trust in the market was critical. Source Thisday Read More

 

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PROSHARE MARKETS

PMA Rates Trend lower as Market Players Oversubscribe the 1-yr bill by 536% - At the PMA, the DMO rolled over a total of N88.86Bn in maturing treasury bills across three maturities.  The stop rates were closed lower for the 182- and 364-day tenors at 11.70% (+19bps) and 11.91% (+11bps) respectively while the 91-day closed higher at 10.50% (-90bps). Demand again was skewed to 364-day tenor, with a bid-to-cover ratio of 5.36X. Source Zedcrest Capital Read More 

FAQs On The Airtel Africa Plc Listing On The Nigerian Stock Exchange - Airtel Africa Plc (Airtel Africa) is the holding company of Airtel Networks Limited (Airtel Nigeria) and thirteen (13) other subsidiaries in Africa - Airtel Congo S.A., Airtel Gabon S.A., Celtel Niger S.A., Airtel Congo RDC S.A. (DRC). Airtel Tanzania Plc, Airtel Networks Zambia Plc, Airtel Networks Kenya Limited, Airtel Tchad S.A., Airtel Madagascar S.A, Airtel Malawi Limited, Airtel Rwanda Limited, Airtel Uganda Limited and Airtel (Seychelles) Limited. Source NSE Read More

NSEASI Dips By -0.26% As Sell Pressure Perseveres Amid Positive Market Breadth – Equities market closed today on a negative note, as NSEASI depreciated by 0.26% to close at 29,300.09 points as against 0.07% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.78%. Source Proshare Markets Read More 

The Sub-Saharan Africa Region – The slowdown in the largest economies in Africa brings us to the sub-Saharan Africa region. The region is expected to grow at an average of 3.4% by 2020. This growth would however be limited in many countries due to policy mismanagement as governments strive to balance reforms so as to improve citizen’s living standards.  Source FDC Read More

 

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PROSHARE BUSINESS

Customs intercepts N11.2bn worth textiles in Lagos - Customs officers attached to the Federal Operations Unit (FOU), Zone A, yesterday, said it intercepted 140 bundles of textile materials worth N11.2 billion. The customs said the textile materials were smuggled into the country from neighbouring countries at the expense of locally produced ones. Source Dailytrust Read More

West Africa Targets $57b Investment, Integrated Ports, Rail Sector - West African countries will later this month meet in Lagos to chart path to integrated ports, road and rail transport sector, with new investments in excess of $57 billion for the region. The new cooperation, which is the central focus of the West African Ports and Rail Evolution Event (WA-PoRa) holding in Lagos, is in lieu of emerging needs and opportunities from economic integration in the region. Source Guardian Read More

Kenya Gets $750 Million World Bank Loan, and Eyes Another One - Kenya received a $750 million loan from the World Bank last week and will be starting talks on a new facility as early as the fourth quarter of the year. The lender has released the funds, that were approved in May, according to Hafez Ghanem, the World Bank’s vice president for Africa. It will help to finance affordable housing, agriculture and other development projects.  Source Bloomberg Read More

 

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PROSHARE FINANCE 

PCL Hosts Roundtable on Digital Transformation And Raising Intelligent Today’s Workforce - Stakeholders at the 2019 Digital Learning Roundtable Breakfast Series, organized by Phillips Consulting pushed for the adoption of Digital Transformation in Organizations in Nigeria. Source Proshare Read More 

Insurance Industry Recapitalisation ’ll Reshape Brokerage Business –NCRIB - The Nigerian Council of Registered Insurance Brokers has said the recently announced recapitalisation exercise for Nigerian insurance companies will impact how insurance brokers will place their businesses going forward. It said the recapitalisation exercise would increase the industry’s capacity to underwrite transactions in key sectors of the economy. Source Punch Read More

 

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